Research for Action

Dear Bradford City Council,

We would like to ask for an update on your current and historic LOBO loan portfolio.
We are aware that in 2015 you held 6 LOBO loans and that some of these may now have been cancelled or transformed into fixed-rate loans. The information requested below is for all the LOBO loans you originally held in 2015.

Please provide:

A. A spreadsheet with one line for each loan and the related information under each of the following column headings:
1. Reference number
2. Principal
3. Initial counterparty
4. Most recent counterparty
5. Date when the loan was transferred to the most recent counterparty.*
6. Has the option been exercised?
7. If yes, date when the option was exercised.
8. New interest rate, if the option was exercised and a new rate was accepted.
9. Fairvalue of the loan at the end of the 2016/17 financial year
10. Fairvalue of the loan at the end of the 2017/18 financial year
11. Fairvalue of the loan at the end of the 2019/20 financial year
12. Fairvalue of the loan at the end of the 2020/21 financial year
13. Please indicated if the loan has been cancelled, refinanced, restructured, including cases when the options were removed.

*Note: If there have been other counterparties during the term of the loan, please indicate in the notes the name of the other counterparties and the date when the loan was transferred to them.

For all the loans that have been cancelled, refinanced or restructured, including cases when the options were removed, please provide the following additional information:
14. The date on which the loan was cancelled, refinanced or restructured.
15. The breakage cost for the cancelling, refinancing or restructuring of the loan
16. New interest rate in the case of a restructuring
17. New maturity date in the case of a restructuring.
18. Fairvalue of the new loan at the end of 2016/17
19. Fairvalue of the new loan at the end of 2017/18
20. Fairvalue of the new loan at the end of 2018/19
21. Fairvalue of the new loan at the end of 2019/20
22. Fairvalue of the new loan at the end of 2020/21
23. Name of the advisor for the cancelling, refinancing or restructuring of the loan

B. A second spreadsheet with one line for each loan showing the following information:
- 1st column: internal reference number
- 2nd column: Principal
- 3rd column: initial interest rate
- 4th column: current interest rate
- 5th column: Original projection of the total interest to be paid over the whole term of the loan (as from the drawdown date to the original maturity date, independently if the loan has now been cancelled or restructured)
- Followed by one column for each financial year from 2003/04 to 2020/21 indicating for each loan the total interest payment made in that year.**

**Note: Please provide the exact payments and not approximations based on calculations within the spreadsheets, as payments will vary depending on the calculation method (for example if it is a leap year or not).

Kind. regards,

Ludovica Rogers on behalf of Research for Action

Freedom of Information, Bradford City Council

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Stephen Richmond, Bradford City Council

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Dear Mr Rogers

 

 

Please find attached response to your recent FOI.

 

Regards

 

Stephen Richmond

Finance Officer 

[1]Tel:07582 102965

1st Floor Britannia House, Hall Ings, Bradford, BD1 1HX

Department of Corporate Resources

 

City of Bradford Metropolitan District Council

 

This email, and any attachments, may contain Protected or Restricted
information and is intended solely for the individual to whom it is
addressed. It may contain sensitive or protectively marked material and
should be handled accordingly. if this email has been misdirected, please
notify the author immediately. If you are not the intended recipient you
must not disclose, distribute, copy, print or rely on any of the
information contained in it or attached, and all copies must be deleted
immediately. Whilst we take reasonable steps to try to identify any
software viruses, any attachments to this email may nevertheless contain
viruses which our anti-virus software has failed to identify. You should
therefore carry out your own anti-virus checks before opening any
documents. Bradford Council will not accept any liability for damage
caused by computer viruses emanating from any attachment or other document
supplied with this email. Emails may be subject to recording and / or
monitoring in accordance with relevant legislation.

 

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